Acadia Pharmaceuticals (ACAD) FY2025 results: revenue $1.1 billion, up 11.9% on the year
Acadia Pharmaceuticals Inc. (ACAD) reported revenue of $1.1 billion for fiscal 2025, the year ended 31 December 2025, up 11.9% on the year before. Net income was $391 million, up 72.7%, and diluted earnings per share $2.30. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$1.1 billion
+11.9% on the year
FY2018FY2025
Operating margin
9.8%
24.1% a year earlier
FY2018FY2025
Net income
$391 million
+72.7% on the year
FY2018FY2025
Diluted EPS
$2.30
+69.1% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Revenue grew on GAAP and adjusted bases: GAAP total revenues were $284 million in the fourth quarter of 2025, up 9%, and $1.07 billion for the full year, up 12%. Non-GAAP adjusted total revenues were $298 million for the quarter, up 16%, and $1.08 billion for the year, up 14%.
NUPLAZID adjusted quarterly sales rose 17%: Non-GAAP adjusted NUPLAZID net sales were $189 million in the fourth quarter, up 17% from $161 million. GAAP net sales for the quarter were $174 million.
Volume rose 9% for year, 13% in quarter: NUPLAZID volume grew 9% over the full year 2025 and 13% in the fourth quarter. The company stated the GAAP accounting adjustment does not reflect this underlying commercial performance.
IRA rebate estimate raised $20 million: The company recorded a $20 million change in estimate to NUPLAZID IRA rebate accruals covering sales from 2022 through 2025, after first IRA invoices came in above expectations. Non-GAAP figures reallocate this amount to the years the sales were earned.
DAYBUE quarterly sales rose 13%: DAYBUE net product sales were $110 million in the fourth quarter, up 13% from $97 million, mainly due to growth in unit sales.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
110
158
16.7
-30.4%
Capital expenditure
4.7
0.5
0.1
+796.7%
Free cash flow
105
157
16.7
-33.1%
Free cash flow margin
9.8%
16.4%
2.3%
Cash from investing
-303
-30.5
32.0
Cash from financing
49.9
6.8
25.1
+628.8%
Depreciation and amortisation
11.8
15.9
5.6
-26.0%
Share-based compensation
52.1
67.0
66.4
-22.2%
Diluted shares, weighted
170m
166m
164m
+2.1%
Shares outstanding at period end
170m
167m
165m
+2.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,227
733
432
+67.5%
Debt
0.0
0.0
0.0
Operating lease liabilities
40.6
42.0
47.8
-3.5%
Other liabilities
296
413
269
-28.3%
Total liabilities and equity
1,564
1,188
749
+31.7%
Fixed assets
7.5
4.2
4.6
+78.2%
Intangible assets
109
120
65.5
-9.1%
Investments
642
436
250
+47.1%
Cash and equivalents
178
320
189
-44.4%
Receivables
121
98.7
98.3
+23.0%
Inventory
111
91.7
40.4
+21.5%
Other assets
395
117
101
+236.9%
Total assets
1,564
1,188
749
+31.7%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.